Web3 Firm Acquires Creator of South Africa’s First Public PoW Crypto, Safcoin – Africa Bitcoin News
A Web3 technology company, Virtual Nation Builders, recently said it acquired FHM, the firm that created safcoin, South Africa’s first proof-of-work cryptocurrency to be listed on a global exchange. As a result of the Web3 firm’s acquisition of FHM, the cryptocurrency will now “list and merge all its digital use cases and platforms into the new VNB-built Cowrie exchange and partnership.”
Support customers’ digital needs
Virtual Nation Builders (VNB), a Web3 technology firm, recently disclosed that it had acquired FHM (Pty) Ltd., the South Africa-based creator of what is being called Africa’s first cryptocurrency – safcoin.
In a statement, VNB, which is 30% owned by blockchain law firm Schindlers Attorneys, described the combination of the two businesses as an important step that will support their respective “clients’ digital needs in the Web3 revolution.”
As a result of FHM’s acquisition of VNB, the safcoin cryptocurrency, launched in 2018, will “list and merge all its digital applications and platforms into the new VNB-built Cowrie exchange and partnership.”
Commenting on the plans to list on multiple exchanges, Neil Ferreira, co-founder and managing director at FHM, said:
Together with VNB, we plan to expand our global reach with more international exchange partners. We had good support from the international crypto market with our initial listing and we are proud to fly SA [South African] flag into the global cryptosphere.
Described as South Africa’s first proof-of-work cryptocurrency listed on a global exchange platform, safcoin is reportedly traded on Hotbit and Chainex.
Blockchain enabled capabilities
Meanwhile, Maurice Crespi, a partner at Schindlers Attorneys and CEO of VNB, is quoted in the statement as referring to the two companies’ involvement in the successful auction of the non-fungible token (NFT) of former South African President Nelson Mandela’s arrest warrant.
“The sale provided a glimpse of the possibilities that the digital realm brings through virtualization. The possibilities that blockchain enables and its applications are no longer limited to finance. The use of blockchain – and specifically smart contracts – can be used in various industries, including societal upliftment and business efficiency,” Crespi explained.
Register your email here to get a weekly update on African news delivered to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
